Creating references within body text

I’m hoping to get some assistance on what i’m trying to do, as Contentful uses some different terminology from what I am used to and I am having issues finding documentation for what I want.

I am trying to create what I understand as reference, variable, or otherwise re-usable body text in the articles I create for a website. Again, Contentful defines a reference a little differently than what I am used to, so i’ll use some examples of what I might write in any body text field:

“In this section, we’ll explain how to set up your first instance of <Product_Name> on your local machine.”

“For more information, please go to <External_Link>.”

"If you’re on MacOS, follow these instructions:


Where the bracketed values are all a pre-defined word, line of text, link, or listed series of steps (Really, anything text-based) that I can use in any article. The “master” values would stored in a central repository so that if I update any of them (For example, maybe the product name changed to something else) they will update on all pages as soon as it reloads.

Can Contentful do this? Where would I find supporting documentation? Thanks for any assistance!